Vietnam and the Philippines will increase their two-way trade value to US$3 billion by 2016, the Vietnam News Agency reported Thursday.

The agreement, reached in talks between Vietnamese President Truong Tan Sang and his Philippine counterpart Benigno S.Aquino III, was announced in a statement released the same day, VNA said.

Two-say trade between the countries has passed the $2 billion target set in 2005, it added.

According to the news agency, Sang started a three-day visit to the Philippines Wednesday, meeting many local high-ranking officials including President of the Senate Juan Ponce Enrile.

During the meeting with Secretary of Energy Jose Renes D. Almendras, Sang said Vietnam will study the Philippines's proposals for co-operation in oil and gas exploration in accordance with each country's laws and international laws.

The president witnessed Thursday the signing of three bilaterl agreements, including a memorandum of understanding between their chambers of commerce and industry.